Estate planning largely revolves around choosing how you would like your assets to be distributed upon your death. A will is a legal document that can carry out this function for you.
Nonetheless, your will and other estate planning documents can also be used for other purposes. For example, you can name a guardian for your minor children in your will.
A guardian is someone tasked with raising your kids should something happen to you. What kinds of qualities should a guardian possess?
They should be physically healthy
Raising a child is rewarding but it can also be physically demanding, particularly if they are very young. It’s important to think about this as you consider potential guardians. Are your elderly parents still physically up to the job of raising another child? Would a younger family member or friend be a better choice?
Do they share your values?
It’s likely that you want your child to be raised with certain values, and these may be very specific. For instance, if you are from a religious background, you may want your child to share this. Does your prospective guardian hold the same values? Are you willing to compromise in certain areas as long as your child is safe and well?
You have numerous options
As a parent, you are best placed to know what suits your child. Not naming a guardian in your will could mean that the court decides on the matter.
Nominating a guardian is a huge decision that requires careful consideration. Remember, you can always change your mind. To ensure that your estate plan is up to date and legally binding, it will benefit you to seek some further guidance.